Business Context and Reporting Period
This Form 8-K is a current report filed by Gardner Denver Holdings, Inc. on September 11, 2018. The filing addresses Item 5.02 regarding the appointment of certain officers and compensatory arrangements. Specifically, it details a revised employment contract and new equity grant for Enrique Miñarro Viseras, Vice President and General Manager of the Industrials Segment EMEA.
Key Financial Metrics
This filing does not report consolidated revenue, profit, cash flow, margins, debt, or liquidity metrics. The financial data provided is limited to executive compensation adjustments:
- Base Salary Increase: Increased from €281,500 ($326,540) to €330,000 ($382,800).
- Target Bonus Increase: Increased from 45% to 60% of annual base salary.
- International School Assistance: Increased from €35,000 ($40,600) to the lesser of €53,061 ($61,550) or actual cost.
- Equity Grant: A new award with a grant date fair value of $500,000 (50% restricted stock units, 50% stock options).
Material Changes
The material change reported is the revision of the employment contract for Mr. Miñarro Viseras, effective September 11, 2018. The changes include:
- Significant increases in fixed compensation (base salary) and variable compensation (bonus target).
- Enhanced benefits regarding international school assistance and the continuation of housing allowances under expatriate policies.
- The granting of a substantial equity package vesting over four years.
Guidance, Outlook, and Risks
The filing does not contain guidance, outlook, management commentary on operations, or discussion of general business risks. The primary contingency noted is that the equity award vests in equal annual installments over four years, subject to the executive's continued employment.
Investor Verification Checklist
- Verify the total annualized cost of the revised compensation package including the new base salary, maximum bonus, and benefits.
- Confirm the vesting schedule and performance conditions (if any) attached to the $500,000 equity grant.
- Review the company's overall executive compensation policy to ensure this adjustment aligns with peer benchmarks and internal governance.
- Note that the filing references "Gardner Denver Holdings, Inc." despite the request metadata mentioning "Ingersoll Rand Inc."; verify the correct registrant status.